How can mobile payments help your business stand out

The payment ecosystem is going through an extensive revolution mainly due to the success of mobile communications.   Payment terminals and bank cards are still mainstream but lots of alternative ways to pay for goods and services are emerging: wallets, NFC, MPOS….  MPO stands for mobile payment and is actually generating a lot of attractive business models around the globe.

How can mobile payments help your business stand out

Written By: John McMalcolm

The advancement of technology has made many aspects of human life more convenient and efficient, and one of the improvements that have benefited both consumers and businesses is mobile payment.

If you are a business owner, you can gain an advantage over your competitors by implementing a mobile payment system.

What are Mobile Payments?

Mobile payments refer to payments that are made via mobile devices, such as mobile phones, laptops and others. These payments can be made from anywhere, and they eliminate the need for consumers to be present at certain locations to pay for their purchases with cash or credit cards.

Businesses that have a mobile payment system may accept payments via SMS or the Internet. Mobile payments are widely used around the world, amounting to a global volume of approximately $171.5 billion in 2012. It is expected that the number of mobile payment users will grow to about 448 million worldwide in 2016.

Improving the Image of Your Company

If you want your customers to see your company as a cutting edge organization, you should definitely make mobile payments available to them.

By doing so, you will show them that you are making the necessary efforts to give them access to the most advanced technologies.

Integrating Incentive Programs

By integrating incentive and loyalty programs into your company’s mobile payment application, you can make it easier for your customers to keep track of their progress.

Every purchase they make with their mobile devices will be recorded in the application, and they do not have to deal with cumbersome key-ring tags or punch cards anymore. Making things more convenient for your customers will help you win their loyalty.

Facilitating Social Media Marketing

If you include a social check-in feature in your company’s mobile payment application, you can benefit greatly from the social media exposure it provides.

After your customers purchase your products, they will check in and show their purchases to their social media followers. This can significantly improve the visibility of your company in social media networks.

Tracking Customer Demands and Inventory

Tracking customer demands and inventory is one of the common challenges that are faced by businesses. However, these tasks can be automated if you adopt a mobile payment system.

A mobile payment system enables you to keep track of the types and amounts of products that your company is selling, giving you a better understanding of customer trends. If you can track customer demands accurately, you will be able to make the right inventory management decisions to meet those demands.

Making the Payment Process More Efficient

Having to wait in line to make payment can be frustrating for some customers. A mobile payment system can make the payment process easier and quicker, giving your customers a more pleasant shopping experience. It not only makes your business stand out from your competitors; it also enables you to save money and time.

If you want to take your business to a new level, you should consider implementing mobile payments.

About the Author: John McMalcolm writes on a wide range of business topics, from online marketing to mobile payments.

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